Bank Nifty Futures Trade Preparation for 24th Apr 2017

On the Monthly charts – Trend is up and one timeframing for the last 5 trading months. Weekly timeframe is balancing for the last three months . And on the daily charts Bank nifty futures is in short term balancing mode and looks structurally weak due to the nature of consecutive overlapping consolidation phases as shown below. This week price looked above the recent short term balanced and failed. Fridays session is an outside bar and also price touched the bottom of the short term balance witnessed on the EOD chart.

1) Price open around 21500 and this could bring one more day of value area overlapping with intial low confidence open. Rally High at 21564 remain the key reference acceptance above the reference could bring more higher activity and acceptance also shows the change in trade sentiment to positive. Failure to accept above rally high could bring more dull market.

2)Price opens above Rally High or a gap up scenario. This is a bullish sentiment ideally this brings high confidence and short covering in the market towards more higher price activity and can test even new highs.

3)Gap Down Scenario. In case of a gap down and acceleration below the short term EOD balance 21350 zone brings more downside activity towards the mechanical reference 21026

Bank Nifty Trade Preparation for 10th Apr 2017Lets have a quick check on top down analysis. On the Monthly charts - Trend is up and one timeframing for the last 5 trading months. Weekly timeframe - trend is up and very less rotations […]

About Rajandran

Rajandran is a Full time trader and founder of Marketcalls & Co-Founder of Traderscafe, trades mostly using discretionary Trading Concepts like Market Profile, Trading sentimental analysis, building timing models, algorithmic trading models. Instructs professional traders, full time traders & aspiring full time traders. Rajandran attended college in the Chennai where he earned a BE in Electronics and Communications. Rajandran has a broad understanding of trading softwares like Amibroker, Ninjatrader, Esignal, Metastock, Motivewave, Market Analyst(Optuma),Metatrader,Tradingivew,Python and understands individual needs of traders and investors utilizing a wide range of methodologies.

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